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Last post 03-17-2008, 2:59 PM by jettison. 0 replies.
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  •  03-17-2008, 2:59 PM 25253

    Concern on Penson Financial

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    I was checking and saw that Penson Financial that holds our money just put out a press release:

    Penson Worldwide, Inc. Statement on Market Rumors
    Monday March 17, 2:17 pm ET

    DALLAS--(BUSINESS WIRE)--Penson Worldwide, Inc. (NASDAQ: PNSN - News) said today that, contrary to rumors currently being circulated, the company has no meaningful exposure to commodities broker MF Global Ltd. (NYSE: MF - News), nor does MF clear through Penson. Penson said that its futures subsidiary, Penson GHCO, currently clears one commodity (canola oil) through MF, and has less than $1.25 million in customer segregated funds (and not Penson’s funds), which are regulated by the CFTC, on deposit with MF to support margin obligations in this commodity. This amount consists principally of treasury bills with the balance in cash.

    Penson is publicly traded and their stock is currently down 20% today and has set a 52 week low.  I see MF Global is down 50%.  

    Does anyone feel that rumors floating around about Penson Financial is something we should be concerned about?  Rumors is how the whole Bear Stearns thing got started.    
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